HCF Life Insurance

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HCF is a not-for-profit provider of life, income protection, health, travel and pet insurance.

HCF life insurance policies 

At the time of writing, HCF offers the following life insurance policies:

  • Smart Term Insurance – payment upon death or diagnosis of a terminal illness, with early payment to cover funeral expenses. If death results from an accident, the benefit may be doubled.
  • Kids’ Accident Cover – payment if child is injured in an accident in Australia.
  • Cash Back Cover – payment for accidents requiring surgery or for certain serious illnesses.
  • Bounceback Cover – payment for accidents or illness. HCF says this is designed for under 30s.
  • Income Assist Insurance – payment of up to 75% of your income for up to 12 months if you’re unable to work due to illness or injury for 30 days or more.
  • Critical Illness Cover – payment for serious specified illnesses such as heart attack, cancer or stroke.
  • Personal Accident Insurance – payment for listed injuries including fractures and burns and payment for accidental death.  

How much does HCF Life Insurance cost?

HCF says the cost of its Smart Term Insurance policy depends on a range of factors including your age, gender, smoking status and the insured benefit selected. HCF may also take your occupation, health, income and personal pastimes into account.

Canstar does not currently compare HCF life insurance, but you can compare other direct life insurance providers on Canstar’s database.

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Eligibility to apply for HCF Life Insurance

According to HCF, Australian citizens and Australian permanent residents between the ages of 18 – 54 may apply for a HCF Smart Term Insurance policy.

Upon application, you may also be asked some questions about your health, lifestyle and family medical history to determine what level of cover HCF is willing to offer to you and how much it could cost you.

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How to apply for a HCF Life Insurance policy

Before taking out a life insurance policy, it may be beneficial to first compare various providers to help ensure you’re applying for a policy that suits your needs.

If you fit the eligibility criteria, you can apply for a quote on HCF’s website, over the phone or in person at a HCF branch.

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HCF Life Insurance FAQS

HCF has a member portal on its website where you can do things such as edit your account details, view your membership and cover details and make online payments.

You or your beneficiaries can make a claim by contacting HCF.

Before you submit a claim, you may need to have certain details on hand, such as:

  • Your policy information
  • Information about the incident, if applicable (date, time, place)
  • Original birth certificate and death certificate if the claim relates to somebody’s death
  • Medical reports, test/examination/laboratory results, if applicable

If your insurance claim is approved, HCF will arrange the payment of your benefit to your nominated beneficiary.

Generally speaking, premiums for forms of life insurance such as term life insurance, total and permanent disability (TPD) insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO). Ask your tax accountant or financial adviser for more details on this.

HCF Smart Term Insurance is priced in five year bands, meaning your premium is increased when you move into the next five year age band rather than annually. According to HCF, premiums may only increase if the increase applies to all Smart Term Insurance policyholders.

At the time of writing, HCF says that blood tests and medical tests are not required to apply for its Smart Term Insurance. However, in the event of a claim, HCF may require additional evidence or do a full review of your medical records.

Once you’ve applied for cover, HCF may contact you if a medical examination is required throughout the claims process.

At the time of writing, you can apply for up to $500,000 life cover on HCF’s Smart Term Insurance policy. According to HCF, the top level of cover increases to $1,000,000 if death results from an accident.

After buying a HCF Life Insurance policy,  you may be able to change your level of cover by adding or removing features or coverage, and by increasing or decreasing your sum insured for each type of cover included in your life insurance policy. If you wish to change your policy inclusions, contact HCF to discuss your options.

This may depend on the condition and policy you decide to take out. When applying for HCF life insurance, you must disclose (tell HCF about) any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues.

Established in 1932, HCF is a not-for-profit health fund. It says it is committed to re-investing premiums back into products and services that benefit its members. According to HCF, on average, over the five years up to 2019, it paid out more cents in every dollar in premiums to members as benefits than the industry average.

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Written by: Tamika Seeto | Last updated: January 31, 2019